Ridiculous Insurance Price increase

My Father has been with my miway for several years and I have been paying the premiums without fail each month since I am the regular driver of the car that was purchased by my Father for me. Initially the premium was over R2000 over the years but in 2020 we called in to have it reduced as the vehicle has depreciated in value since the time of purchase. The vehicle was purchased in 2014 and this year will be the 8th year since I’m driving this vehicle. In these years I’ve claimed once and paid a ridiculous access fee of 10k. My premium in 2020 at the time we called to have it reduced was R1500 but it was not for long until the premium kept increasing till recently when I received an email that my new premium as of July 2022 will be R1889,94. This is ridiculously high considering that this car will be 8 years this years and it has obviously depreciated in value, this price hike is ridiculous and by the looks of things soon I will be paying R5000 rand which is equivalent to an installment of a brand new car. As i type this I am broken and disappointed and unfortunately Miway is forcing my hand to cancel their insurance and look for a better deal elsewhere because we can’t negotiate for a better price then it shoots up again. As we speak I barely earn that much and due to COVID our salaries were barely increased, this is a ripoff. How does one pay so much money for insurance for an 8 year old vehicle?